JAMES Young says we should reduce public and private debt in order to grow our economy.
He probably doesn’t realise that our monetary system is based on debt.
Apart from the three per cent of our money that is cash, all the rest is created by private banks as debt.
If we paid off all our debt the effect would be catastrophic, which is probably why the government encourages us to borrow to pay for ever more expensive houses.
I would agree with him if we had a more sensible monetary system, like the one supported by Positive Money on their web site. Debt is not a good foundation for an economy, and the situation in Greece illustrates how odious debt can become.
Steve Coombes
Field Barn Drive
Weymouth
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